Section 1 Short title
This Act may be cited as the “Protecting Taxpayers from Risky Investments in Venezuela Act”.
Protecting Taxpayers from Risky Investments in Venezuela Act
A BILL
To prohibit the United States Government from funding Venezuela’s oil and petroleum infrastructure, and for other purposes.
Sec. 2 Defined term
In this Act, the term appropriate congressional committees means—
the Committee on Foreign Relations of the Senate;
the Committee on Appropriations of the Senate;
the Committee on the Budget of the Senate;
the Committee on Foreign Affairs of the House of Representatives;
the Committee on Appropriations of the House of Representatives; and
the Committee on the Budget of the House of Representatives.
Sec. 3 Prohibition on the use of Federal funds to support Venezuela's oil and petroleum infrastructure
Prohibition— Except as provided in subsection (b), none of the funds appropriated or otherwise made available for any department or agency of the United States Government or for any account owned, controlled, or accessible by the United States, or a person acting on behalf of the United States, may be used to finance, subsidize, insure, guarantee, contract for, or otherwise support the development, maintenance, or expansion of oil infrastructure or the petroleum sector in Venezuela, including—
the construction, installation, manufacture, development, modernization, repair, or permanent improvement of any oil or gas infrastructure in Venezuela;
the purchase of real property, including a reimbursement for any such purchase;
insurance costs, loan guarantees, tax incentives, and royalty relief;
any payments made to individuals or domestic, international, or multinational corporations; and
any form of advocacy, promotion, or support provided by officers or employees of the United States Government for the benefit of Venezuela’s oil infrastructure or petroleum sector, including at international financial institutions, multilateral organizations, or diplomatic forums.
Exception— The prohibition under subsection (a) shall not apply to any expenditure explicitly authorized by an Act of Congress after the date of the enactment of this Act.
Sec. 4 Annual report
Not later than 180 days after the date of the enactment of this Act, and annually thereafter, the Secretary of State shall submit a report to the appropriate congressional committees that—
describes any expenditures or activities related to Venezuela’s oil infrastructure or petroleum sector; and
certifies compliance with this Act.